Directional Bias For The Day:

• S&P Futures are higher at 8:30 AM; declining since 7:00 AM; possible Doble Top pattern on the 15-minute chart
• The odds are for a sideways to down day from pre-open levels around 4470.00- watch for a break above 4481.25 for a change of sentiments
• Key economic data report due during the day:
  • Durable Goods Orders ( -2.2% vs. -0.5% est.; prev. 1.6%) at 8:30 AM
  • Core Durable Goods Orders ( -0.6% vs. 0.5% est.; prev. 0.8%) at 8:30 AM
  • Unemployment Claims ( 187K vs. 210K est.; prev. 215K) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Resuming Daily: Uptrend 120-Min: Up-Side

30-Min: Up-Side 15-Min: Down-Side 6-Min: Up

Key Levels:

• Critical support levels for S&P 500 are 4455.81, 4433.97, and 4424.30
• Critical resistance levels for S&P 500 are 4479.44, 4485.58, and 4501.07
• Key levels for E-mini futures: break above 4481.25, the high of 7:00 AM and break below 4461.25, the low of 3:00 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (June 2022) closed at 4446.75 and the index closed at 4456.24 – a spread of about -9.50 points; futures closed at 4447.50 for the day; the fair value is +0.75
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +20.50; Dow by +118; and NASDAQ by +74.75

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, Mumbai, and Seoul closed lower; Tokyo, Sydney, and Singapore closed higher
• European markets are mixed – Germany, France, Spain, and STOXX 600 are lower; the UK, Itlay, and Switzerland are higher
• Currencies (Compared to two weeks ago):
  

  Up	Down
  Dollar index GBP/USD USD/JPY USD/CHF AUD/USD NZD/USD INR/USD	EUR/USD USD/CAD

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.321%, up +37.3 basis points from two weeks ago;
  • 30-years is at 2.519%, up +21.7 basis points;
  • 2-years yield is at 2.108%, up +43.0 basis points;
  • The 10-Year-&-2-Year spread is at 0.213, down from 0.270
  • The 30-Year-&-10-Year spread is at 0.198, down from 0.354
• VIX
  • At 23.54 @ 7:45 AM; down from the last close; at/above the 5-day SMA;
  • Recent high = 33.83 on March 15; low = 19.93 on February 9
  • Sentiment: Risk-On

The trend and patterns in various time frames for S&P 500:

Weekly:	The week ending on March 18 was a large Bullish Engulfing candle with almost no upper shadow and a small lower shadow; Stochastic (9,1, 3): %K crossed above %D from below 30; RSI-9 bounced up above 50 from just above 30 The week up +258.81 or +6.2%; the 5-week ATR  is 208.99 An up week; second in the last five weeks, and fourth in the previous ten weeks The weekly pivot point=4363.41, R1=4565.11, R2=4667.09; S1=4261.43, S2=4059.73; R1/R2 pivot levels were breached Above 10-week EMA; below 39-week SMA; above 89-week SMA Uptrend
Daily	A  red candle with a small upper shadow and almost no lower shadow; potential three-day Evening Star pattern Stochastic (9, 1, 3): %K crossed below %D; near 90 RSI-9 declined to below 65 from above 65; above 8-day EMA; Above 20-day EMA, 50-day EMA; at/below 200-day SMA; below 100-day SMA In Confirmed Uptrend
2-Hour (E-mini futures)	Bouncing off the neckline of a potential Head-&-Shoulder pattern emerging – a break below 4444.75 will complete it – the 61.8% extension target is near 4402.00 and the 100% extension target is near 4375.00 RSI-21 rose above 50 from near 30 at 4:00 PM At/below EMA20, which is above EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Moving down since 1:30 AM on March 23 – lower highs and lower lows; RSI-21 has risen to above 50 from near 30 At/below EMA10 of EMA50, which is above EMA20 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving up since 9:45 PM The Bollinger Band is relatively stable; price declined to the middle band from the upper band Stochastic (9, 1, 3): %K is below %D since 7:30 AM; Bias: Down-Side

Previous Session

Major U.S. indices closed lower on Wednesday, March 23, in mixed volume. S&P 500 and NASDAQ Composite traded in higher volume. Major indices opened lower and then mostly drifted sideways to down.

From Briefing.com:

The stock market ended Wednesday on a lower note with the Dow (-1.3%), Nasdaq (-1.3%), and S&P 500 (-1.2%) recording comparable losses while the Russell 2000 (-1.7%) finished behind the large cap indices. […] On the downside, nine sectors recorded losses with six surrendering at least 1.0%. Financials (-1.8%) and health care (-1.8%) lagged throughout the day due to broad weakness. […] Top-weighted technology (-1.5%) finished near the bottom of the leaderboard […] Treasuries ended the day in positive territory with the 10-yr note reclaiming its loss from yesterday and sending its yield lower by five basis points to 2.32%. […] New home sales decreased 2.0% month-over-month in February to a seasonally adjusted annual rate of 772,000 units (Briefing.com consensus 820,000) from a downwardly revised 788,000 (from 801,000) in January. On a year-over-year basis, new home sales were down 6.2%. […] The weekly MBA Mortgage Index fell 8.1% after decreasing by 1.2% during the previous week. The Purchase Index fell 1.5% while the Refinance Index fell 14.4%. […] Dow Jones Industrial Average -5.5% YTD S&P 500 -6.5% YTD Russell 2000 -8.6% YTD Nasdaq Composite -11.0% YTD Overseas:  Europe: DAX -1.3%, FTSE -0.2%, CAC -1.2% Asia: Nikkei +3.0%, Hang Seng +1.2%, Shanghai +0.3% Commodities:  Crude Oil +5.78 @ 115.26 Nat Gas +0.04 @ 5.26 Gold +14.00 @ 1936.30 Silver +0.23 @ 25.16 Copper +0.07 @ 4.78